[July 30, 2015] |
|
Datalink Reports 2015 Second Quarter and Six Month Operating Results
Datalink
(Nasdaq: DTLK), a leading provider of data center infrastructure and
services, today reported results for its second quarter and six months
that ended June 30, 2015. Financial results for both reporting periods
include the results of operations from the acquisition of Bear Data
Solutions, which closed on October 19, 2014.
Revenues for the quarter ended June 30, 2015, increased 15% to $182.6
million compared to $159.4 million for the quarter ended June 30, 2014,
and increased 4% over revenues of $175.4 million in the first quarter of
2015. Revenues for the six months ended June 30, 2015, increased 20% to
$358.0 million compared to $298.9 million for the six months ended June
30, 2014.
GAAP Results On a GAAP basis, the company reported net
earnings of $661,000 or $0.03 per diluted share for the second quarter
ended June 30, 2015. This compares to net earnings of $3.6 million or
$0.16 per diluted share in the second quarter of 2014. For the six
months ended June 30, 2015, the company reported net earnings of
$647,000 or $0.03 per diluted share, compared to net earnings of $3.9
million, or $0.17 per diluted share, for the six months ended June 30,
2014.
Non-GAAP Results Non-GAAP net earnings for the second
quarter of 2015 were $2.7 million, or $0.12 per diluted share, compared
to non-GAAP net earnings of $4.9 million, or $0.22 per diluted share, in
the second quarter of 2014. For the six months ended June 30, 2015, the
company reported non-GAAP net earnings of $5.0 million, or $0.22 per
diluted share, compared to non-GAAP net earnings of $6.1 million, or
$0.28 per diluted share, for the six months ended June 30, 2014. A
detailed reconciliation between GAAP and non-GAAP information is
contained in the tables included herein.
Highlights of the quarter and six months ended June 30, 2015, include:
-
A 21% year-over-year increase in total services revenues in
both the second quarter and the first six months of 2015, marking
significant progress in building the company's services business to
improve margins and help customers drive data center transformation.
-
A 48% year-over-year increase in professional services revenues to
a record $17.8 million in the second quarter of 2015, simultaneously
increasing the portion of Datalink revenues coming from professional
services to a record 10% during the quarter.
-
Multiple seven-figure contracts awarded to Datalink's Advanced
Services practice, including engagements for large data center
consolidation and transformation, infrastructure virtualization and
application and data migration projects.
-
An 80% quarter-over-quarter increase in the number of converged
data center infrastructure sales, a key building block for other
IT initiatives like private clouds, where Datalink can offer
additional consulting, managed services, as well as support services.
-
A #43 ranking on CRN's 2015 Solution Provider 500 list of North
America's top technology integrators based on annual revenues, marking
a steady climb from #72 just five years ago.
These gains, however, were accompanied by a decline in the company's
core storage revenues caused by falling storage prices, new storage
technologies and an industrywide slowdown in storage spending. That
decline also contributed to lower gross margins during the second
quarter and first six months of 2015.
The company responded earlier in the week by announcing a workforce
rebalancing that will eliminate approximately $10 million of operating
expenses on an annualized basis. The full impact of these adjustments
will be realized in 2016, with about $2 million of savings to be
realized in the fourth quarter of this year.
"We anticipated some of the changes that are occurring in the IT market,
and that is why we have been working hard over the last few years to
transition the company away from its dependence on storage sales and
transform it into a full-service provider of data center solutions and
services. We are making strong progress, as our continued growth of
consulting and managed services along with converged data center
infrastructure indicate, and we will continue to invest in these and
other parts of the business in support of continued growth," said Paul
Lidsky, Datalink's president and CEO. "The actions we took will
redistribute our resources to meet changes in the market and help keep
the company growing profitably."
Outlook Datalink projects revenues of $175.0 million to
$185.0 million for the third quarter of 2015, compared to $144.9 million
for the third quarter of 2014. This represents an increase in expected
revenues of between 21% and 28%, based on the company's current backlog,
sales pipeline, historical trends, and expected continued softness in
storage spending countered by continued growth in the company's
networking and services business during the quarter. The company expects
third quarter 2015 net earnings to be between $0.04 and $0.09 per
diluted share on a GAAP basis, and net earnings of between $0.13 and
$0.18 per diluted share on a non-GAAP basis. This compares to net
earnings of $0.16 per diluted share and $0.19 per diluted share on a
GAAP and non-GAAP basis, respectively, for the same period in 2014.
Non-GAAP earnings per share exclude the effect of acquisition accounting
adjustments to deferred revenue and costs, integration and transaction
costs related to acquisitions, stock-based compensation expense,
amortization of intangible assets, and the related effects on income
taxes. The company estimates this total effect will be approximately
$0.09 per diluted share for the third quarter of 2015.
Conference Call and Webcast Today Datalink will hold a
conference call shortly after 4:00 p.m. Central Time during which time
Datalink's president and chief executive officer, Paul Lidsky, and chief
financial officer, Greg Barnum, will discuss company results and provide
a business overview. Participants can access the conference call by
dialing (855) 793-2451. Participants will be asked to identify the
Datalink conference call and provide the designated identification
number (87596165). A live webcast of the conference call can be accessed here
or via Datalink's investor relations website at www.datalink.com.
About Datalink A complete data center solutions and services
provider for Fortune 500 and mid-tier enterprises, Datalink transforms
data centers so they become more efficient, manageable and responsive to
changing business needs. Datalink helps leverage and protect storage,
server, and network investments with a focus on long-term value,
offering a full lifecycle of services, from consulting and design to
implementation, management
and support.
Datalink solutions span virtualization and consolidation, data
storage and protection, advanced network infrastructures, business
continuity, and cloud
enablement. Each delivers measurable performance gains and maximizes
the business value of IT. For more information, call 800.448.6314 or
visit www.datalink.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. This press release
contains forward-looking statements, including (i) the anticipated
timing of the acquisition, (ii) the expected impact of the acquisition
on Datalink, (iii) Datalink's plans with respect to the acquired
business and (iv) our internal projections of certain anticipated 2015
results, which reflect our views regarding future events and financial
performance. These forward-looking statements are subject to certain
risks and uncertainties, including those identified below, which could
cause actual results to differ materially from historical results or
those anticipated. The words "aim," "believe," "expect," "anticipate,"
"intend," "estimate," "should" and other expressions which indicate
future events and trends identify forward-looking statements. Actual
future results and trends may differ materially from historical results
or those anticipated depending upon a variety of factors, many of which
are included under "Risk Factors" in our annual report on Form 10-K for
our year ended December 31, 2014, including, but not limited to: the
level of continuing demand for data center solutions and services
including the effects of current economic and credit conditions and the
ability of organizations to outsource data center infrastructure-related
services to service providers such as us; the migration of organizations
to virtualized server environments, including using a private cloud
computing infrastructure; the extent to which customers deploy
disk-based backup recovery solutions; the realization of the expected
trends identified for advanced network infrastructures; reliance by
manufacturers on their data service partners to integrate their
specialized products; continued preferred status with certain principal
suppliers; competition and pricing pressures and timing of our
installations that may adversely affect our revenues and profits; fixed
employment costs that may impact profitability if we suffer revenue
shortfalls; our ability to hire and retain key technical and sales
personnel; continued productivity of our sales personnel; our dependence
on key suppliers; our ability to adapt to rapid technological change;
success of the implementation of our enterprise resource planning
system; risks associated with integrating completed and future
acquisitions (including a failure of anticipated synergies to
materialize); the ability to execute our acquisition strategy;
fluctuations in our quarterly operating results; future changes in
applicable accounting rules; and volatility in our stock price.
Furthermore, our revenues for any particular quarter are not necessarily
reflected by our backlog of contracted orders, which also may fluctuate
unpredictably. We cannot assure you that we can grow or maintain our
revenue and backlog from current levels. Additional factors that may
cause actual results to differ from our assumptions and expectations
include those set forth in our most recent filing on Form 10-K filed
with the Securities and Exchange Commission. Any forward-looking
statement made by us in this press release is based only on information
currently available to us and speaks only as of the date on which it is
made. We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or otherwise.
Non-GAAP Details Non-GAAP financial measures exclude the
impact from acquisition accounting adjustments to deferred revenue and
costs, stock-based compensation expense, amortization of acquisition
intangible assets, integration and transaction costs related to
acquisitions, severance costs and the related effects on income taxes.
These non-GAAP measures are not in accordance with, or an alternative
for measures prepared in accordance with, GAAP and may be different from
non-GAAP measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules or
principles. We believe that non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP and that these measures
should only be used to evaluate our results of operations in conjunction
with the corresponding GAAP measures.
These non-GAAP financial measures facilitate management's internal
comparisons to our historical operating results and comparisons to
competitors' operating results. We include these non-GAAP financial
measures in our earnings announcement because we believe they are useful
to investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making, such as employee compensation planning. We
believe that the presentation of these non-GAAP measures when shown in
conjunction with the corresponding GAAP measures provides useful
information to investors and management regarding financial and business
trends relating to our financial condition and results of operations.
|
DATALINK CORPORATION
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
108,787
|
|
|
$
|
98,252
|
|
|
$
|
215,523
|
|
|
$
|
181,447
|
|
Services
|
|
|
73,844
|
|
|
|
61,128
|
|
|
|
142,460
|
|
|
|
117,468
|
|
Total net sales
|
|
|
182,631
|
|
|
|
159,380
|
|
|
|
357,983
|
|
|
|
298,915
|
|
|
|
|
|
|
|
|
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
Cost of products
|
|
|
88,186
|
|
|
|
76,411
|
|
|
|
173,968
|
|
|
|
143,181
|
|
Cost of services
|
|
|
57,973
|
|
|
|
47,486
|
|
|
|
112,375
|
|
|
|
90,769
|
|
Total cost of sales
|
|
|
146,159
|
|
|
|
123,897
|
|
|
|
286,343
|
|
|
|
233,950
|
|
Gross profit
|
|
|
36,472
|
|
|
|
35,483
|
|
|
|
71,640
|
|
|
|
64,965
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
18,289
|
|
|
|
15,867
|
|
|
|
35,711
|
|
|
|
31,531
|
|
General and administrative
|
|
|
6,475
|
|
|
|
4,838
|
|
|
|
13,484
|
|
|
|
10,157
|
|
Engineering
|
|
|
8,626
|
|
|
|
7,446
|
|
|
|
16,868
|
|
|
|
14,960
|
|
Integration and transaction costs
|
|
|
70
|
|
|
|
-
|
|
|
|
520
|
|
|
|
-
|
|
Amortization of intangibles
|
|
|
1,833
|
|
|
|
1,359
|
|
|
|
3,906
|
|
|
|
2,775
|
|
Total operating expenses
|
|
|
35,293
|
|
|
|
29,510
|
|
|
|
70,489
|
|
|
|
59,423
|
|
Earnings from operations
|
|
|
1,179
|
|
|
|
5,973
|
|
|
|
1,151
|
|
|
|
5,542
|
|
Gain on settlement related to StraTech acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
876
|
|
Interest income
|
|
|
55
|
|
|
|
74
|
|
|
|
127
|
|
|
|
139
|
|
Interest expense
|
|
|
(70
|
)
|
|
|
(80
|
)
|
|
|
(137
|
)
|
|
|
(108
|
)
|
Earnings before income taxes
|
|
|
1,164
|
|
|
|
5,967
|
|
|
|
1,141
|
|
|
|
6,449
|
|
Income tax expense
|
|
|
503
|
|
|
|
2,404
|
|
|
|
494
|
|
|
|
2,585
|
|
Net earnings
|
|
$
|
661
|
|
|
$
|
3,563
|
|
|
$
|
647
|
|
|
$
|
3,864
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
|
$
|
0.17
|
|
|
$
|
0.03
|
|
|
$
|
0.18
|
|
Diluted
|
|
$
|
0.03
|
|
|
$
|
0.16
|
|
|
$
|
0.03
|
|
|
$
|
0.17
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
22,004
|
|
|
|
21,519
|
|
|
|
21,977
|
|
|
|
21,528
|
|
Diluted
|
|
|
22,639
|
|
|
|
22,196
|
|
|
|
22,518
|
|
|
|
22,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
CONSOLIDATED BALANCE SHEETS
|
(In thousands, except share data)
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
43,400
|
|
$
|
27,725
|
Short term investments
|
|
|
17,475
|
|
|
22,994
|
Accounts receivable, net
|
|
|
133,081
|
|
|
171,531
|
Net working capital receivable from acquisition
|
|
|
-
|
|
|
741
|
Lease receivable
|
|
|
2,343
|
|
|
2,482
|
Inventories, net
|
|
|
8,564
|
|
|
5,447
|
Current deferred customer support contract costs
|
|
|
120,736
|
|
|
106,497
|
Inventories shipped but not installed
|
|
|
12,983
|
|
|
20,035
|
Income tax receivable
|
|
|
3,861
|
|
|
4,194
|
Other current assets
|
|
|
1,364
|
|
|
3,563
|
Total current assets
|
|
|
343,807
|
|
|
365,209
|
Property and equipment, net
|
|
|
7,174
|
|
|
7,244
|
Goodwill
|
|
|
48,016
|
|
|
48,016
|
Finite-lived intangibles, net
|
|
|
12,697
|
|
|
16,603
|
Deferred customer support contract costs, non-current
|
|
|
59,102
|
|
|
58,484
|
Deferred tax asset
|
|
|
5,660
|
|
|
5,660
|
Long-term lease receivable
|
|
|
3,435
|
|
|
4,016
|
Other assets
|
|
|
742
|
|
|
759
|
Total assets
|
|
$
|
480,633
|
|
$
|
505,991
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
Current liabilities
|
|
|
|
|
Floor plan line of credit
|
|
$
|
24,312
|
|
$
|
27,656
|
Accounts payable
|
|
|
47,817
|
|
|
86,266
|
Lease payable
|
|
|
1,993
|
|
|
2,319
|
Accrued commissions
|
|
|
3,720
|
|
|
5,334
|
Accrued sales and use taxes
|
|
|
2,249
|
|
|
4,117
|
Accrued expenses, other
|
|
|
7,023
|
|
|
7,730
|
Deferred taxes
|
|
|
1,982
|
|
|
1,982
|
Customer deposits
|
|
|
5,069
|
|
|
3,325
|
Current deferred revenue from customer support contracts
|
|
|
147,478
|
|
|
131,061
|
Other current liabilities
|
|
|
780
|
|
|
746
|
Total current liabilities
|
|
|
242,423
|
|
|
270,536
|
Deferred revenue from customer support contracts, non-current
|
|
|
71,081
|
|
|
70,663
|
Long-term lease payable
|
|
|
2,616
|
|
|
3,278
|
Other liabilities, non-current
|
|
|
801
|
|
|
828
|
Total liabilities
|
|
|
316,921
|
|
|
345,305
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
Common stock, $.001 par value, 50,000,000 shares authorized,
23,418,334 and 22,876,753 shares issued and outstanding as of June
30, 2015 and December 31, 2014, respectively
|
|
|
23
|
|
|
23
|
Additional paid-in capital
|
|
|
117,426
|
|
|
115,048
|
Retained earnings
|
|
|
46,263
|
|
|
45,615
|
Total stockholders' equity
|
|
|
163,712
|
|
|
160,686
|
Total liabilities and stockholders' equity
|
|
$
|
480,633
|
|
$
|
505,991
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Earnings from operations on a GAAP basis
|
|
$
|
1,179
|
|
|
$
|
5,973
|
|
|
$
|
1,151
|
|
|
$
|
5,542
|
|
GAAP operating margin
|
|
|
0.6
|
%
|
|
|
3.7
|
%
|
|
|
0.3
|
%
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting adjustment to StraTech deferred revenue and
cost, net
|
|
|
6
|
|
|
|
51
|
|
|
|
18
|
|
|
|
108
|
|
Total gross margin adjustments
|
|
|
6
|
|
|
|
51
|
|
|
|
18
|
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense included in sales and marketing
|
|
|
565
|
|
|
|
131
|
|
|
|
983
|
|
|
|
451
|
|
Stock based compensation expense included in general and
administrative
|
|
|
305
|
|
|
|
370
|
|
|
|
738
|
|
|
|
790
|
|
Stock based compensation expense included in engineering
|
|
|
784
|
|
|
|
239
|
|
|
|
1,375
|
|
|
|
483
|
|
Integration and transaction costs
|
|
|
70
|
|
|
|
-
|
|
|
|
520
|
|
|
|
-
|
|
Amortization of intangible assets
|
|
|
1,833
|
|
|
|
1,359
|
|
|
|
3,906
|
|
|
|
2,775
|
|
Total operating expense adjustments
|
|
|
3,557
|
|
|
|
2,099
|
|
|
|
7,522
|
|
|
|
4,499
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings from operations
|
|
|
4,742
|
|
|
|
8,123
|
|
|
|
8,691
|
|
|
|
10,149
|
|
Non-GAAP operating margin
|
|
|
2.6
|
%
|
|
|
5.1
|
%
|
|
|
2.4
|
%
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
|
(15
|
)
|
|
|
(6
|
)
|
|
|
(10
|
)
|
|
|
31
|
|
Income tax expense impact including Non-GAAP items
|
|
|
1,981
|
|
|
|
3,247
|
|
|
|
3,637
|
|
|
|
4,072
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings
|
|
$
|
2,746
|
|
|
$
|
4,870
|
|
|
$
|
5,044
|
|
|
$
|
6,108
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings per share - Basic
|
|
$
|
0.12
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.28
|
|
Non-GAAP net earnings per share - Diluted
|
|
$
|
0.12
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
Shares used in non-GAAP per share calculation - Basic
|
|
|
22,004
|
|
|
|
21,519
|
|
|
|
21,977
|
|
|
|
21,528
|
|
Shares used in non-GAAP per share calculation - Diluted
|
|
|
22,639
|
|
|
|
22,196
|
|
|
|
22,518
|
|
|
|
22,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings
|
|
$
|
647
|
|
|
$
|
3,864
|
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
|
|
|
|
Change in fair value of short-term investments
|
|
|
8
|
|
|
|
4
|
|
Provision for bad debts
|
|
|
160
|
|
|
|
71
|
|
Depreciation
|
|
|
1,679
|
|
|
|
1,222
|
|
Amortization of finite-lived intangibles
|
|
|
3,906
|
|
|
|
2,775
|
|
Gain on settlement related to StraTech acquisition
|
|
|
-
|
|
|
|
(876
|
)
|
Loss on disposal of assets
|
|
|
149
|
|
|
|
19
|
|
Deferred income taxes
|
|
|
-
|
|
|
|
316
|
|
Stock based compensation expense
|
|
|
3,096
|
|
|
|
1,724
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net, and leases receivable
|
|
|
39,751
|
|
|
|
26,663
|
|
Inventories
|
|
|
3,935
|
|
|
|
9,522
|
|
Deferred customer support contract costs/revenues and customer
deposits, net
|
|
|
3,722
|
|
|
|
4,211
|
|
Accounts payable and leases payable
|
|
|
(39,437
|
)
|
|
|
(25,145
|
)
|
Accrued expenses
|
|
|
(4,189
|
)
|
|
|
(4,903
|
)
|
Income tax receivable
|
|
|
333
|
|
|
|
(1,481
|
)
|
Income tax payable
|
|
|
-
|
|
|
|
(11,586
|
)
|
Other
|
|
|
2,223
|
|
|
|
479
|
|
Net cash provided by operating activities
|
|
|
15,983
|
|
|
|
6,879
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases, sales, and maturities of trading securities, net
|
|
|
5,511
|
|
|
|
6,173
|
|
Purchases of property and equipment
|
|
|
(1,758
|
)
|
|
|
(1,357
|
)
|
Net cash provided by investing activities
|
|
|
3,753
|
|
|
|
4,816
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Net payments under floor plan line of credit
|
|
|
(3,344
|
)
|
|
|
(2,986
|
)
|
Excess tax from stock compensation
|
|
|
136
|
|
|
|
526
|
|
Proceeds from issuance of common stock from option exercise
|
|
|
34
|
|
|
|
88
|
|
Tax withholding payments reimbursed by restricted stock
|
|
|
(887
|
)
|
|
|
(795
|
)
|
Net cash used in financing activities
|
|
|
(4,061
|
)
|
|
|
(3,167
|
)
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
15,675
|
|
|
|
8,528
|
|
Cash and cash equivalents, beginning of period
|
|
|
27,725
|
|
|
|
24,871
|
|
Cash and cash equivalents, end of period
|
|
$
|
43,400
|
|
|
$
|
33,399
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
113
|
|
|
$
|
14,809
|
|
Cash received for income tax refunds
|
|
$
|
88
|
|
|
$
|
-
|
|
Cash paid for interest expense
|
|
$
|
21
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006236/en/
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